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06.09.2019 14:42

EUR/USD: Interim low in place – Commerzbank

Axel Rudolph, an analyst at Commerzbank, suggests that EUR/USD pair has seen a strong bounce from its current September low at 1.0926 and the nearby resistance can be found at the April and May lows at 1.1110/1.1106 as well as along the three-month resistance line at 1.1132.

“Only a daily chart close above the August 26 high at 1.1164 would confirm a bottoming formation and put the 200-day ma at 1.1268 back on the cards. Ideally, we would like the 55-week ma at 1.1329 to be exceeded as well. Support below the minor psychological 1.1000-mark comes in at the current September low at 1.0926.

Below the 1.0926 low lie the June 2016 low and the March 2017 high at 1.0912/07. Further down sit the January 2017 low at 1.0829 and the 78.6% Fibonacci retracement of the 2017-2018 advance at 1.0814.

The cross will need to regain the 55-week ma and downtrend channel resistance line at 1.1329/46 to generate upside interest.”


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